WisdomTree Gets Green Light for Crypto App in New York

Trust Company Charter Approval

WisdomTree, known for its Bitcoin ETF, has received a trust company charter from the New York State Department of Financial Services (NYDFS). This allows WisdomTree to operate as a trust company in New York, paving the way for its crypto app launch.

Fiduciary Custody and Stablecoins

With this charter, WisdomTree can provide digital asset custody services, including digital wallets. It can also issue and manage NYDFS-approved stablecoins, which are cryptocurrencies pegged to the value of a fiat currency like the US dollar.

CEO’s Perspective

Jonathan Steinberg, WisdomTree’s CEO, emphasized the importance of the NYDFS approval. He stated that it allows the company to offer innovative products while prioritizing customer protection.

Tokenized Assets

WisdomTree’s digital trust, under the name WisdomTree Prime, will initially offer tokenized gold and dollar assets. These assets will be held in reserves approved by the NYDFS.

Access for Retail Customers

WisdomTree Prime will soon be available to retail customers in New York. This will provide them with access to regulated tokenized products and services.

Industry Leader

WisdomTree’s trust company charter positions it as a leader in the digital asset industry. The company aims to bridge the gap between traditional finance and blockchain technology, making digital assets more accessible to both retail and institutional clients.